Partnerships – What You Should Know – Part 2
By Matt Bacak
In part 1 of this article series, I discussed some of the pros and cons of having your name on a product along with your joint venture partner. What was also discussed was how to make a product that’s pretty much problem free. There are things you need to consider as well as things you need to avoid. Today I’d like to expand upon those points.
Always remember that you have to choose your teams and partners wisely. You’ll want to make sure that they’re, one, credible, and two that they’re actually going to be good to work with. You want to be very, very careful with anyone you’re considering joint venturing with. I’ve created many products with my next door neighbor, Shawn Casey. The reason is because he’s my next door neighbor. I don’t have to worry about not being able to get a hold of him because I can simply go next door.
Shawn and I usually team up for more long-term projects simply because it’s easy for me to go and run over to his house. Actually, I can literally go and block him into his driveway with my Hummer and then kick his ass if I really needed to. So, that’s something to think about. But for other JV partners I collaborate with and attach my name with theirs to products, if I’m doing this I usually work on more short term projects. This works out well because I’m putting in less effort this way as well as making it less of a risk for me. I only want my name attached to products that will succeed and I want top notch support for my customers. If I partner with someone who is unreliable, this will most definitely hurt my credibility and my business. So, if you’re considering partnering with someone where your name will also appear on the product, do your due diligence and choose your partners wisely.
So, is collaborating on a product with my name on it something I would do again? Actually no. I’d rather come up with my own offer. However, I never regret doing it because I learn a lot through the process. It’s an excellent learning experience that can help you in terms of future partnerships. It gives you a clearer view of the whole picture and gives you new, fresher ideas on how best you can improve on projects and make new ones in the future. But you can benefit greatly because if you’re doing it to learn as much as you can about the product process, as well as learn more about your products content and information, I think that’s also another great reason why you should consider doing it. But after a while, you won’t want to really do it that much because it involves a lot of commitment. Perhaps you’d want to make it more of a one-time thing. But it does involve a lot of time to put together so consider that if you’re thinking about doing it as well. But with shorter-term project like the one I did with Mark are kind of nice because you always know that the project is coming to an end sooner rather than later.
Want to join forces with someone in your market? I highly recommend it if you have the time and know that your partner works well. If you know your credibility won’t be tarnished I’d say go for it! It’s a great way to make more money and even collaborate more often with your partner on future projects. You’ll not only be building your list and making sales, but you’ll become even more well-known in your market.
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